Mark Brooks

President Barack Obama and Congress are on a short holiday break. Congress is expected to be back at work Thursday, and Obama will be back in the White House after a few days in Hawaii.

Concerns over the political stalemate in Washington continue to be the focus of traders, with the price of U.S. benchmark oil down 24 cents to $88.42 a barrel in early trading on the New York Mercantile Exchange.

In more than a dozen interviews with The Associated Press, activists said they would rather the nation fall off the cliff than agree to a compromise that includes tax increases for any Americans, no matter how high their income.

Talk about more than just the usual job worries to cloud the mood: Confidence among U.S. consumers dipped to its lowest point in December since July amid rising economic worries, according to a monthly index released Friday.

One day after House anti-tax rebels torpedoed Republican legislation because it would raise rates on million-dollar-earners, Obama said he still wants a bill that requires the well-to-do to pay more.

The IMF's executive board said Friday that France has done some work fixing its long-term economic problems, but the country's companies are at a disadvantage when it comes to other European nations.

The U.S. agency said Friday that the two-notch downgrade to CCC+ was due to a "considerable and rising" risk that the country, one of the 17 European Union countries that use the euro, may default.

Traders tend to buy safer currencies, such as the dollar, when they are concerned about the economy.

The Commission's preliminary view does not prejudge the final outcome of the investigation.

Hostess Brands said in bankruptcy court Friday that it's narrowing down the bids it received for its brands and expects to sell off its snack cakes and bread brands to separate buyers.

Google said it was "delighted" with the appellate ruling that cleared the executives and removed uncertainty in Italy over the Internet giant's business model.

The latest events leave little time for Obama and bruised lawmakers to prevent across-the-board tax increases and deep spending cuts from taking effect with the new year.

In morning trading benchmark crude for February delivery fell $1.54 to $88.59 per barrel in New York. It was as low as $87.96 at one point.

Ticking ever louder is the start of the new year, which by law will usher in hundreds of billions in tax increases and spending cuts -- the "fiscal cliff" -- unless leaders avert it by crafting a compromise deficit-cutting package that can get through the GOP-run House and Democratic-led Senate.

Boehner spoke to reporters Friday morning, hours after his rank-and-file Republicans handed him a bitter defeat

In a brief statement, House Speaker John Boehner said the bill "did not have sufficient support from our members to pass."

Silver lost $1.44 to $29.68 an ounce, a decline of 4.6 percent. Gold, copper, and other metals also fell.

Washington has been urging Bahrain's Sunni monarchy to talk with protesters and has publicly condemned the violence and mass arrests following a general strike in March 2011, which included journalists, activists and trade union leaders.

It was the first decline in the index since a 0.4 percent fall in August.

Mortgage buyer Freddie Mac said Thursday that the average rate on a 30-year loan increased to 3.37 percent from 3.32 percent last week.